GIPC targets $ 5bn in FDIs to Ghana in 2017

The Ghana Investment Promotion Centre (GIPC) has set an ambitious 5 billion dollars target in Foreign Direct Investments to Ghana for 2017.

The target is more than double the total FDIs recorded in 2016.

The CEO of the GIPC, Reginald Yoofi Grant told Citi Business News he is highly optimistic of the targets considering the numerous investment decisions embarked on by the NPP administration.

“We’ve been between 2.5 to 3 billion dollars annually over the past four to five years and we are looking forward to push it further to 5 billion dollars of inward investments which will translate into multiples of tax revenue and jobs,” he stated.

Mr. Grant added, “What we then need to see is how much more value, technology and social impact that these investments will bring to the country.”

The GIPC boss was speaking at a meeting with the press in Accra over some major agreements the government of Ghana has entered into with Mauritius in a bid to attract investments into the country.

It also followed a recent visit by the Vice President and some government and business delegation to the country to learn and negotiate on new partnerships for investments.

Meanwhile comparing the FDIs between 2015 and 2016, the figure dropped by 3 billion dollars.

In 2015, total foreign direct investments to Ghana amounted to 2.7 billion dollars.

It however dropped to 2.4 billion dollars in 2016.

But total number of registered projects increased by 10 between the one year period.

Projects registered at the GIPC increased from 170 in 2015 to 180 in 2016.

Although Mr. Yoofi Grant admits that the figures for the 2017 first quarter ahead of the official report by the GIPC, he maintained he is confident of meeting the target set for 2017.

“I think that we need to be bold and positive in the goals that we set,” he stressed.